29 April 2015

NIFTY OUTLOOK FOR THURSDAY 30 APRIL 2015

Sensex End down 170 points; shares volatile ahead of derivatives expiry 
Shares seesawed between positive and negative territories on Wednesday, a day ahead of the April derivatives contract expiry amid a holiday truncated week. Continued sales by foreign portfolio investors amid fresh worries on retrospective taxes, and a delay in earnings recovery and land acquisition bill hurt sentiment.the Sensex was quoted at 27353, down 43 points or 0.16% from Tuesday's close. Similarly, the Nifty fell 0.70 points to trade at 8285.Markets also tracked Asian shares which faded from seven-year peaks on Wednesday while investors exited crowded positions in the US dollar as the Federal Reserve wraps up a two-day policy meeting. The Sensex is flipping between red and green zones in a 200-point range, even as the Nifty tests its new support level of 8250. The market witnessed short-covering ahead of F&O expiry, which is due tomorrow. The Sensex and Nifty recovered early losses and bounced back into the positive zone, but could not hold gains for a long and slipped back into red zone, as selling pressure continues ahead of futures & options expiry. Soon, the indices extended losses and tumbled to a fresh intra-day low at 27265 and 8222, respectively. The Sensex is now down 175 points at 27221 and the nifty is also down 50 points at 8222.
We advise traders to wait for some more time to buy. For nifty the resistance will be at 8295, which is likely to restrict the upside for the nifty. A break below psychological support at 8198 can drag the nifty lower to 8161. Traders may go short. Stop-loss can be placed at 8355 for the target of 8175. Downside pressure will ease if the contract breaks above 8445. In such a scenario, for tomorrow an intraday down to 8150 is possible. 
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DAILY SUPPORT: 8198, 8161, 8064
DAILY RESISTANCE:  8295, 8355, 8452

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